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to the possibility that the economy will go off the so-called fiscal cliff. >> reporter: stocks slide on wall street as investors fret about the prl for gridlock in washington. lawmaker need to come to an agreement for avoid the so- called fiscal cliff, a combination of higher taxes and government spending cuts set set to take effect by january 1st. >> if they can cooperate and focus on the overall economy to get people back to work, you insofar know what can high pressure. >> reporter: for the second day in a row, the dow jones industrial average has suffered a triple digit decline. >> i think this is the worst two-day session we've had in a year or so. monster beverage has sunk 1.3%. mcdonald's also seeing a drop in value for the month of october. it is the first monthly decline in nearly a decade. >> it's great indicator of where people are spending their money. worldwide, as you said, down 1 point #%. first drop in nine years. look more closely at america and it is down 2.2%. that means america's economy is slowing perhaps more than the rest of the world. >> reporter: congress reconvenes on nove
the economy growing and get the jobs being created and that means more revenue -- >> let me ask you, i want to ask you directly. would you accept the piece-meal, let's just pass the tax -- extension of the bush tax cuts for the 98% of people under 250? >> it doesn't make any sense to us to raise taxes on job creators at this time of economic challenge. the equation is revenue, and spending. and, we can increase revenue without increasing the tax rates on anybody in this country, we can lower the rates, broaden the base, close the loopholes, as you have discussed. and put in place pro-growth policies in energy and health care and the regulatory policy and address the spending. and the spending that has to be addressed is, medicare, medicaid and social security. >> chris: just so i can clear this up, you are not -- boehner seemed to be saying, i am going to close some of the loopholes and use some of the revenue, use some of the revenue from closing loopholes to cut the deficit. are you accepting that or not. >> i think that is the way we can reach agreement and i think what many of us are sa
the recession during 3 year debt crisis thanks in part to the strength of largest single economy which was germany. >> the 2012 edition of a popular wine made in france is being released today and to celebrate people in japan got into a tub filled with the young fruity wine. distributed every third thursday. more than 15 million bottles. >> there's like a baby in there. >> more than 15 million bottles were exported. the two most popular destinations were japan and the united states. it's a tradition get in a tub. >> hopefully they are not going to rebox that. >> stay in the tub and possibly your skin too. >> wouldn't you come out of there so sticky? >> isn't that a waste of wine? >> a lot of questions about that story. >> that's wish i never get into. >> all right. it's nice and cool. probably don't want to go swimming in a pool unless it's heated and inside. as temperatures later today on the cool side. yesterday 49 as a daytime high. 40s to about 50. >> a little chilly yesterday. >> and that was with sun. it's going to feel cooler than yesterday. lots of 30s outside the beltway. and
of not reaching a deal would be devastating to the u.s. economy but they don't have a lot of time here. >> no, they don't. the president spoke on this today, not mentioning what was going on behind the scenes with the cia. consider the timeline here. there are only 53 days now left for congress to get to work and get this deal done in order to raise the debt ceiling this year congress put this countdown clock in effect and it has now unt january 1 to get it done. if nothing gets done, your payroll taxes could go up. the bush era income tax cuts would end and 449,000 defense industry jobs across virginia, maryland and d.c. could face layoffs if these automatic pentagon cuts are allowed to go forward. at the white house this afternoon the president spoke in front of what the administration called average americans. those special era tax cuts would expire. add to that deep spending cuts that will kick in. all of this has economists warning tonight of a double dip recession and possible rise of the unemployment rate up to 9.1%. >> the american people are looking for cooperation. they are looking
the least positive impact on our economy. >> reporter: what is important to remember about that is almost two years ago, the president flatly said he was not going to go along with extending bush tax cuts for families making more than $250,000 a year. the president was asked again today. he said listen, that was a one- time situation. the president's words, the country is in a much different place economically, he said, than it was then and keep in mind, the president is not facing voters ever again, will. so this is a situation where the president said this time he means what he says, and we're going to have to see the next six weeks whether he backs it up. >> all right, tom fitzgerald, thanks for the update. shawn. >>> within five years, d.c. hopes to create 100,000 new jobs and bring in more than $1 billion in revenue. it's a big goal and big number. is it possible? if so, will the jobs go to locals who need them? fox 5s matt ackland has more on d.c.'s economic equipment strategy. >> reporter: the sweet sound of construction can be seen all over the district. all you have to do is look
cliff, the economy goes into recession the beginning of 2013. this is not a small matter. i think we have to address it. >> reporter: it will come down to these two men. the president expected to draw a line in the sand insisting on a massive tax hike for wealthy americans and republican house speaker john boehner now open to raising taxes in other ways. but he told abc news that tax rates should remain where they are. >> on the table, but through reforming our tax code. and i would do that if the president were serious about solving our spending problem, and trying to secure our entitlement program. >> reporter: most economists agree that reforming entitlement programs like medicare, medicaid and social security is necessary, but it would involve a grand bargain. it could take months or years to get that done. the deadline for congress just over seven weeks from now. if these cuts take effect, a congressional budget office report says unemployment could climb to above 9%. some entitlement programs such as social security and medicaid are exempt, but just about everything else is on
. >> a stronger economy means more revenue, which is exactly what president is seeking. >> they should start by making sure that taxes don't go up on the 98% of americans making under $250,000 a year starting january 1st. this is something we all agree on. >> reporter: both remain head strong on their views on tax reform. >> we have to combine spending cuts with revenue and that means asking the wealthiest americans to pay more taxes. >> 2013 should be the year to begin our debt through tax reform and entitlement reform. >> reporter: if no agreement is reached, middle class americans could see a $2000 increase on taxes and the unemployment rate could jump back over 9%, spiraling the economy to another recession taxes related to obama's health care plan will be corrected. according to baron, over 1000 government programs will experience, quote, deep automatic cuts. with the fiscal deadline rapidly approaching, many economists ask, can the feat be accomplished in the time frames? >> what both parties need to do is stop the part son politics and go together and not leave the negotiating table u
the election back to a weak global economy and fixing this fiscal cliff descending on us. meantime sandy is taking its toll on the economy still. mortgage applications falling last week even with rates well below 4%. the super storm put a hold on potential homebuyers all along the eastern coast. airlines aren't taking any chances after sandy. they're already cancelling hundreds of flights because of that nor'easter that's dumping rain and snow across the entire eastern region just like last week when sandy grounded more than 20,000 flights. airlines waiting the usual re-- waiving the usual rescheduling fees that can run as much as 150 bucks. meanwhile shoppers are not pulling out plastic, credit card borrowing down nearly 3 billion bucks in september. consumers still clearly worried about taking on high interest debt as the economy keeps slowing down. that's business. i'm neil cavuto.   >> this fox 5 stock market report is brought to you by your lexus dealer. live life heroically.  >>> the man who made that controversial anti-muslim film will do a year
to add more jobs to the economy. >>> the edge on virginia, even before he returns to the white house president obama said there was work to be done to help alleviate the long lines people stood in to vote. some prince william county voters waited as long as four hours after the polls closed. fox 5's karen gray houston back from manassas where election officials are considering some changes. >> when the polls closed at 7:00 in some precincts like the river oaks precinct at potomac middle school, many voters were still standing in line and they stayed in line until as late as a quarter to 11:00 to cast their votes. well, members of the county electoral board agree with president obama that is way too long. >> 6:15. >> reporter: the day after the electoral board is going over ballots to certify the result of tuesday's election which may take a couple days. >> this is where we go from the unofficial results you received last night to the official results that will show up on the state board of elections website in a few days. >> reporter: but fresh in everybody's minds are the long lin
challenge is avoiding the double hit to the economy of tax increases and automatic spending cuts nope as the fiscal cliff. >>> another issue congress wants to know about are the details surrounding the resignation of cia chief david petraeus and at tax on the u.s. consulate in libya. >>> the top -- >>> great economic news could be on the horizon. >> our country could be energy independent in the near future. ainsley earhart explains. plains. thrrt. clearly we are having issues with that story. we'll try to get that to you coming up in just a bit. >> let's talk about sports just a little. bryce harper, everybody remembers him, he has been named the national league rookie of the year. he hit 270 last season with 22 home runs. he knocked in 59 runs and he did it after missing the first month of the season. angels outfielder mike trout won the al rookie of the year. manager of the year awards will be named today and the nats skipper is one of the finalists. >> we still have plenty ahead. weather, traffic and all your top stories. >> fox 5 morning ne
to accelerate the economy. one of the points i've made is every economist says another one year extension in the payroll tax cut which benefits 160 million working americans does a whole lot more to help the economy than saying folks at the very high end get this bonus tax break. much more impact on the economy which by the way, the social security has made clear does not take one penny out of the social security trust fund. because that puts more money in the pockets of working people who go out and spend it on goods and services in their communities. and at this point where the economy remains fragile, we have to keep that in mind as well. >> we appreciate you coming in to give insight into this. hopefully we can talk to you again. >> i look forward to it. >> representative chris van hallen thank you. >> each year oxford university tracks how the english language is changing and chooses the word that best reflects the mood of the year. can you guess what this year's word is? we'll have the answer for you after the break. >>> and thousands of twilight fans descend on los angeles. they di
agree on a plan to avoid deep spending cuts and tax increases that many fear will send the economy back into a recession. meantime, president obama will make his again later on this month when he becomes the first u.s. president to visit myanmar. the visit was announced early this morning. >>> long lines at the polls on tuesday kept some people waiting to vote hours after the polls closed. that was the case at some locations in prince william county. elections officials and even president obama are taking notice of this. the president referenced the lines in his victory speech. officials in prince william county say no one should have to wait more than one hour and even that is too long. they're considering switching from the touch screens to optical scans as well as increasing the number of voting machines at each polling center. center. >>> some other top storiethis morning, fairfax county police are on the hunt for a man who assaulted a teenager at a public library. this happened just before 9:00 tuesday night as the staff was preparing to close the thomas jefferson library in falls
on the top two rates would cost our economy more than 700,000 jobs. >> reporter: many in the gop agree and say they remain philosophically opposed to increasing taxes. >> mr. president, we're not going to help you to get that done. the president has an insatiable appetite to tax and spend. >> reporter: the house speaker says solving a challenge of this enormity will be difficult during a lame duck session of congress, but he says lawmakers should be able to avert the cliff in the short term and work out a bigger deal next year. >>> expect to see a new people in place when president obama begins his second term in january, his cabinet expected to have a new look. attorney general eric holder hasn't made up his mind whether he's going to stay, same for homeland security secretary janet napolitano. secretary of state hillary clinton healthcare heck plans to leave. secretary timothy geithner also wants to move on but may not leave right away. >> people like secretary geithner have put a lot of energy into the issues related to the fiscal cliff and they're going to want to see it through.
'll have the least positive impact on our economy. >> reporter: the president grew emotional when asked about republicans who have blasted u.n. ambassador susan rice for her comments on the benghazi attack, adding it would not affect her possible nomination as secretary of state. >> for them to go after the u.n. ambassador who had nothing to do with benghazi and was making a presentation based on intelligence show received and to besmirch her reputation, is outrageous. >> reporter: and in the wake of superstorm sandy, the president made his most poignant comments yet on his belief in global warming. >> there have been an extraordinarily large number of severe weather events in north america and also around the globe. i am a firm believer that climate change is real, it's impacted by human behavior and carbon emissions. >> reporter: the president was also asked if he believes that he has a mandate. he said he does and that voters understood the two different paths he and mitt romney laid out during the campaign. he said that congress should pay particular attention, brian, to the results
the double hit to the economy of tax increases and automatic spending cuts. besides avoiding the fiscal cliff, they have a half dozen hearings on the resignation of david patraeus. and the attack on the u.s. consulate in libya. >> happening now, the murder trial of a buoy state university student. opening statements set to begin in a half hour. alexis simpson is accused of killing her roommate. killed her last year after the two argued over music played on an i pod. if convicted, she faces life in prison without parole. >>> another case we're following former dc council chairman kwame brown will be sentenced in court later today. bank fraud and campaign finance charges. separate sentences for both. melanie is live this morning with details. good morning. >> reporter: good morning. all of this is going to play out in two separate court houses because he's facing charges in two different jurisdictions. one, the bank fraud charges is a federal case and the other is a campaign finance charge. suggesting in the bank fraud case a 6 day jail term. but could be much longer in the campaign violation c
full. the economy is still in bad shape and he's been working on that. now, as the economy starts to improve, he'll be in a situation maybe to take more of a role. >> i hope you come back to see us. thank you for coming. this is edward i saac dloois dovere: we'll be right back. >>> making headlines, bono will be at georgetown tonight. he will speak with creating change to the power of social movement. he's best known for music but he has been a force behind many organizations that promote positive change. he was named time magazine's person of the year in 2005. >> christmas tree is headed to dc. made a stop in denver. part of its three week 5,000 mile cross country road trip. picked from the white river national forest in colorado. expected to arrive november 26th. the tree lighting ceremony will be held next month. >> that time of year. >> long time before we hear jingle bells every five minutes on the radio. >> 71 degrees but cooler air on the way. enjoy today because today will be the last of the mild days. let's get started with a look at satellite radar. sunshine out there at
economy. >> reporter: the president grew emotional when asked about republicans who had blasted u.n. ambassador susan rice for her comments opt benghazi attack adding that it would not affect her possible nomination as secretary of state. for them to go after the u.n. ambassador who had nothing to do with benghazi and was simply making a presentation based on intelligence that she had received and to beesmirch her reputation is outrageous. >> and in the wake of super storm sandy, the president made his most poignant comments yet on his belief in global warming. >> there have been an extraordinarily large number of severe weather events here in north america but also around the globe. and i am a firm believer that climate change is real. that it is impacted by human behavior and carbon emissions. >> president was also asked wednesday if he briefs he has a mandate. the president says he does and thinks that voters had a clear understanding of the two different paths that both he and mitt romney laid out during campaign. the president added that congress should pay attention to last
at capitol hill, none is more pressing than stopping the double whammy to the economy. tax increases and huge federal spending cuts kick in after the new year. and they'll impact all americans. but lawmakers don't have a lot of time. the lame duck session of congress has until december 31st to avoid that fiscal cliff. >>> new this morning, sentencing day for former d.c. council chair kwame brown. he pled guilty for bank fraud charges back in june. fox 5's melanie alnwick is live at the u.s. district court this morning with a look at what brown is facing. >> reporter: good morning. brown is facing perhaps a jail term but we'll see. his original plea agreement where he admitted guilty to all of those charms called identify six-month jail sentence but right now, prosecutors seem to be softening somewhat recommending to the judge just six days in jail for kwame brown and three years of supervised probation. it was really just a high profile fall from grace. brown held the district's second highest local elected office before pleading guilty in june to providing false information on bank loan appl
of the regional economy which is so dependent on the federal government. we are talking about defense contractors and everyone el who does business with the federal government. this will be the first time today that the president addresses this so-called fiscal cliff since the election. in his address from the white house, the president is expected to urge congress to come up with some sort of deal to break this impasse or risk plunging the country into a recession. the president and congress must broke are a -- broker a deal by the end of the year to avoid the automatic spending cuts set to take effect. without an agreement, the nation will go back into recession and unemployment will climb above 9%. the president is not expected to provide a specific plan but will pressure congress to act. leaders on both sides they say want to work together. democrats want to let tax breaks expire for the wealthiest americans. republicans oppose hiking taxes but have opened the door to finding new revenue through tax reform. >> there is an altern i have to to going over the fiscal cliff in whole or in part. i
in that sense. hopefully, as the economy improves and as people get a greater understanding of exactly what veterans do, because a lot of the jobs are really analagous. but when you leave the military, it is like that never happened. >> interesting. talk a little bit too about the fact that now, i mean we have a lot of vets that come back with issues with post traumatic stress disorder. tell me how the association is able to work with those vets who have those sort of issues that they're working through mentally and at the same time trying to get them back into the work force. >> well, what we are really focusing in terms of ptsz and mental health is trying to reduce the backlog that the va has for health care and expanding mental health care care access particularly for guard and reserve who don't have the resources to avail themselves of when they come off active duty. we are trying to help people readjust and reaction reacclimate so they can come back and be successful with employment and family and the whole thing that make everybody happy in life. >> real quick, you are always open and
is continue to stimulate the economy to create more jobs so people are paying taxes so we don't have these deficits and if it means targeted tax breaks then we should be considering some of those for small businesses. >> do you think we'll see the compromise we haven't seen? >> i hope so. but it's not a short-term compromise. kicking the can down the road by 6 months or a year is almost as bad as doing nothing. we need to see a grand bargain. and the difference between tax increases. and needs to be able to loosen up the strings a little on that. but barack obama needs to know taxes are not going to go up on middle class. where are we going to decrease spending. >> one thing i think is interesting is folks are looking at one of the ideas that came out of the romney camp. let's look at some of the deductions for high income earners. there is ways to deal with that. i think the president is adamant there won't be tax increases for people making 250,000. the middle class can't take tax hits. >> might we see a meeting between governor romney and president obama? >> i would love to see it
to the assassination. and the fiscal cliff if the white house and congress cannot agree. the economy will surely go back into recession. >> we'll also find out if nancy pelosi is going to stay on as minority leader. came leader ten years ago today. last week democrats failed to win enough seats to take back the house. she says she'll make the announcement about hers morning. >> and happening now on capitol hill, massachusetts congressman is holding a news conference on the meningitis out break. calling for tougher regulations for compounding pharmacies. a house subcommittee will hold a hearing on whether the out break could be prevented. 32 have died after receiving tainted steroid shots. >> also happening now, the call for another tobacco tax increase. holding a news conference. wants a $1 increase on the tax. law maker as prove doubling the tax to $2 in a 2007 special session. law makers also approve tax increases on tobacco products earlier this year. >>> also changes coming to maryland live casino. casino officials will today outline plans on how the layout will be changed to make rooms for ope
the economy growing and find the balanced approach to reduce the federal deficit. efi >>> former d.c. council chair kwame brown wille u.s. district court judge to learn his fate today. >> he resigned and pleaded guilty to bank fraud charges in june. melanie alnwick is live in northwest d.c. with the latest. >> reporter: good morning. you know, kwame brown actually has two sentencing hearings hearings today. the first in federal court on those bank fraud charged and then the second later this afternoon in d.c. superior court on campaign finance violation charges. now, as you mentioned, brown pleaded guilty in june. after a year-long investigation, the federal charges relate to providing false information on bank loan applications. one of the loan was for a 39- foot boat. brown also forged the signature of a friend on an application and doctored two forms to overstate his income by tens of thousands of dollars. the other charges go back to an audit by d.c.'s office of campaign finance. it found that brown's 2008 election campaign failed to report more than $400,000 in contributions an expenditu
a deal with the president. they have until january 1st from preventing the economy from going over that cliff. another issue for the president is appointing a new secretary of state. clinton is not expected to return but may stay a few weeks after the president is sworn in again. >> election officials in virginia are considering changes after long lines force some to wait for hours to cast their ballot. the commonwealth is considering switching from the touch screen mondays to optical scans. turn out was less than in 2004 or 2008. there were complaints about long lines and registration issues. now investigating the voting problems there. >> other top stories, gabby giffords will meet her shooter today. face-to-face with the man who shot her in the head at close range. he is due in court this morning for the first time. he pleaded guilty in august to the shooting and find out his sentence later today. >>> a disturbing attack in falls church, virginia. >> a man assaulted a teenage girl at a public library. melanie is live outside the thomas jefferson library with more. >> reporter: p
? jewelry! >> so is the recession over? >> definitely. >> it's time to get the economy started. >> reporter: belay the talk of sequestration, feel speed ahead at the new navy exchange in bethesda. >> brings back so many memories for me as a former asi's shopper. yesterday was the 237th birthday of the marine corps. on november 10th, 1775, the continental congress approved the resolution calling for two battalions of marines to defend the country by air and sea during the american revolution. since then, the date has been recognized annually by the marine corps. >>> hiring veterans is one way to give back to the men and women who serve our country on this veterans day. one airport in wisconsin has heeded the call. dozens of veterans now work for the tsa there. >>> and get ready. air travel for the thanksgiving weekend could set a new record. we'll tell you the numbers, when we return. [ female announcer ] it's deliciously dark just before dawn. it's a rainy morning becoming a caramel drizzle. with folgers gourmet selections, you can turn any day gourmet. new roasts, new flavors,
begins. as voters left the polls on election day. exit polls show the majority think the economy is the most important issue. only 15% said the focus should be on taming the deficit. the latest from capitol hill where a fiscal cliff is on the horizon. >> president obama has won another four years but does he have the mandate? house republicans also won on tuesday. with the fiscal cliff approaching at the end of the year, the fundamentals haven't really changed. the first family about to settle in for another term. won't be much time to celebrate. the fiscal cliff is approaching just down the street and the government could start hemorrhaging cash at the end of the year. >> the fiscal year is $200 billion of spending cuts. going over the full cliff is a recipe. there's no question about it. >> after tuesday does the president have the mandate to raise taxes on the wealthy? something he has pushed for years. >> this is the message american people sent from all over. and that is they are tired of these partisan gridlocks. >> point to the impact higher taxes would have on hiring. but
. the cuts would likely hit the d.c. region hardest given the large federal work force and a local economy largely built around the federal government. democrats want to let bush era tax breaks for the wealthiest americans expire while republicans prefer raising money through tax reform. leaders of both parties say they want to work together but as the president prepares to address the issue today, there is little time left. >> people making all this money have to contribute a little bit more. and all the exit polling, all the polling we've done, the vast majority of the american people support that including rich people. >> reporter: the balanced approach isn't balanced if it means higher taxes on small businesses that are the key to getting our economy moving again and keeping it moving. >> reporter: a new report by the congressional budget office says that if sequestration is allowed to happens, those automatic cuts and tax increases, that the nation would go back into a recession and unemployment would rise above 9%. certain entitlement programs such
Search Results 0 to 26 of about 27